Birth of a Market: The US Treasury Securities Market from the Great War to the Great Depression

摘要

How do financial markets develop? Do they arise naturally on their own or are they artificially constructed? This is the basic question addressed by two recent works on some specific markets: US Treasuries and retail stocks. Kenneth Garbade, Senior Vice President at the Federal Reserve Bank of New York, addresses the former in Birth of a Market: The US Treasury Securities Market from the Great War to the Great Depression, while Julia Ott, Assistant Professor in the History of Capitalism at the Eugene Lang College and the New School for Social Research, takes on the latter in When Wall Street Met Main Street: The Quest for an Investors' Democracy.